The responsibilities that come with being a Sole Trader are different to those of a company director who runs a limited company. You run your business as an individual and keep all business profits after tax has been paid on them. You are also solely responsible for losses that your business may make.
There are also certain HMRC rules and regulations that must be followed
- Keep records of all business sales and expenses
- Submit a Self-Assessment Tax Return each year
- Pay Income Tax due on profits made
- Pay National Insurance
- Register for VAT if your taxable turnover goes over £90,000 in any 12 months (the threshold from 1 April 2024)
We have hundreds of self-employed clients with years of experience. This means you’re in good hands. We will take on all the hard work and stress that comes with doing the bookkeeping and meeting HMRC deadlines so that you can run your successful business.